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☆ Orsted cancels two New Jersey offshore wind projects, takes $4 billion writedown
▼ + stars: | 2023-11-01 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +1 min

Photographer: Hollie Adams/Bloomberg via Getty ImagesThe Danish wind power developer Orsted is canceling two off-shore wind projects that were planned off the coast of New Jersey and is taking a $4 billion impairment for the first nine months of the year, the company announced this week. Of the $4 billion writedown, $2.8 billion was connected to the Ocean Wind 1 project, Orsted said. The Ocean Wind 1 project would have been New Jersey's first offshore wind farm and would have generated enough electricity to power half a million homes, according to a website about the project. It was going to include 98 turbines located 15 miles off the coast of southern New Jersey. The similarly sized Ocean Wind 2 project was also going to be located off the southern New Jersey shore and was due to start in 2028, according to a website about the project.

Persons: Mads Nipper, Hollie Adams, Orsted Organizations: Economic, Bloomberg, Getty Locations: Davos, Switzerland, New Jersey

☆ Why some of the 'clean' hydrogen hubs in the U.S. plan to use natural gas, a fossil fuel
▼ + stars: | 2023-10-31 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +11 min

The others will use a combination of renewables, nuclear power, and natural gas with carbon capture and storage. Putting federal money behind a program to fight climate change while using natural gas, a fossil fuel, as one of its main ingredients may not seem intuitive. To wit, the Bipartisan Infrastructure Law, where the funding for the hydrogen hubs comes from, specifically required that two of the selected hydrogen hubs be located in natural gas-rich regions. Making hydrogen from natural gas with carbon capture will require additional energy and be more expensive than producing hydrogen from natural gas where the excess carbon emissions just spew into the atmosphere. That is what the U.S. government is trying to change with its hydrogen hubs program and the production tax credit.

Persons: Joe Biden, Elizabeth Flores, Jennifer Granholm, Rachel Fakhry, Fakhry, Jonathan Ernst, Kent, Sean Heinroth, Young's, That's, Heinroth, Tom Oakland, Wisconsin —, They've, Alex Kizer, Kizer Organizations: Cummins, Star Tribune, Getty, Swiss Army, U.S . Department of the Energy, Natural Resources Defense, Energy, Department of Energy, CNBC, Reuters, Infrastructure Law, Ernst, of Energy, North Dakota Department of Commerce, Oakland, EFI Foundation, U.S, Treasury Department Locations: America, Fridley, Minn, United States, U.S, Tioga, Philadelphia , Pennsylvania, Houston, Montana , North Dakota, Minnesota, Wisconsin, Washington

☆ Why Exxon and Chevron are doubling down on fossil fuel energy with big acquisitions
▼ + stars: | 2023-10-25 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +6 min

The largest oil and gas producers in the United States see a long pathway for oil demand," Cahill told CNBC. "There's a major difference between what the big oil companies believe the future of oil is and the governments around the world." "The large companies — nongovernment companies — do not see an end to oil demand any time in the near future. Oil and gas are relatively cheap and easy to move around, particularly in comparison with building new clean energy infrastructure. "By the way, that means the large financial oil companies will be able to weather that environment better than the smaller companies."

Persons: Cahill, Ben Cahill, Goldstein, Larry J, Birol, Fatih Birol, Shon Hiatt, Hiatt, Marianne Kah, Kah, Amy Myers Jaffe, Jaffe Organizations: CNBC, Center for Strategic, International Studies, Petroleum Industry Research Foundation, Energy, Research Foundation, Chevron, Exxon, International Energy Agency, IEA, USC Marshall School of Business ., Columbia University's Center, Global Energy, ConocoPhillips, New York University, Climate Justice, Sustainability, NYU's School, Professional Studies, Exxon Mobil Locations: United States, Africa, Asia, America, U.S, Russia, Venezuela, Iran

☆ How El Niño will affect the weather this winter
▼ + stars: | 2023-10-19 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +3 min

Vehicles drive on the flooded Freeway 5 after an El Niño-strengthened storm brought rain to Los Angeles on Jan. 6, 2016. Lucy Nicholson | ReutersThe El Niño weather pattern is still active heading into the winter this year and it will mean the northern and far west portions of the U.S. will have a warmer-than-usual winter. El Niño, meaning "little boy" in Spanish, and La Niña, meaning "little girl" in Spanish, are opposite weather patterns driven by a change in the trade winds in the Pacific Ocean. This is the first time in four years that El Niño has been active as winter begins, according to the NOAA. While El Niño rains will alleviate ongoing droughts in some regions, it may also drive the development of drought conditions in the Pacific Northwest.

Persons: El, Lucy Nicholson, El Niño, Jon Gottschalck, Brad Pugh, Pugh Organizations: National Oceanic, Atmospheric Administration, NOAA, Rockies Locations: Los Angeles, El, U.S, Alaska, Pacific Northwest, New England, Gulf, Mississippi, Great Lakes, Michigan, Ohio, Indiana

☆ Biden administration to invest $3.5 billion to improve the resiliency of the electric grid
▼ + stars: | 2023-10-18 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

The sun sets behind power transmission lines in Texas, the United States on July 11, 2022. The Biden Administration is putting almost $3.5 billion into improving the strength and resiliency of the United States' electric grid, government officials said on Wednesday. The investments in the electric grid will get more than 35 gigawatts of clean energy onto the grid, the Department of Energy says. "Right now, the U.S. electric grid is the largest connected machine in the world. "Every time you turn on a light, charge your laptop, plug in an air conditioner or put leftovers in the fridge, you rely on the electric grid, and that grid has been in need of upgrade for a very, very long period of time," Landrieu said.

Persons: Biden, Joe Biden, Bill Gates, Jennifer M, Granholm, Mitch Landrieu, Landrieu Organizations: Infrastructure Law, Resilience, Innovation, Department of Energy, Microsoft, White Locations: Texas, United States, U.S

☆ The world has to add or replace 50 million miles of transmission lines by 2040, IEA says
▼ + stars: | 2023-10-17 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +4 min

That amount is roughly equivalent to the total number of miles of electric grid that currently exists in the world currently, according to the IEA. It will also require changes in how the electric grid in each country is operated and regulated. The consequences of falling further behind in building transmission lines is dire, the IEA says. Building new transmission lines takes between five and 15 years, with planning and permitting included. Building transmission lines globally needs to be an issue of international cooperation, the IEA says.

Persons: Clark, Fatih Birol, what's, Birol, Bill Gates Organizations: International Energy Agency, IEA, Microsoft Locations: Primm , Nevada, Paris

☆ California lawmakers urge SEC to follow their lead in climate disclosure requirements
▼ + stars: | 2023-10-17 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +3 min

The law requires large businesses to report their scope 1, 2 and 3 emissions. Scope 1 emissions are those generated by fuel sources that a business owns, such as boilers, furnaces and vehicles. Scope 2 emissions are greenhouse gasses emitted to generate the electricity, steam, heat or cooling a business purchases. But the California lawmakers "strongly urge" the SEC "to follow California's lead and specifically include Scope 3 disclosure requirements in addition to Scope 1 and 2," they said in a letter dated Thursday. Also, the California lawmakers say that because California has passed SB 253 requiring large businesses in the state to report their Scope 3 emissions, the cost for California businesses to submit the same data to federal regulators is negligible.

Persons: Gary Gensler, Gavin Newsom, Gensler, We're, — Organizations: . Securities, Exchange, Financial, Capitol, Washington , D.C, California Democratic, U.S . Securities, Exchange Commission, SEC, Exxon Mobil, Walmart, National Cattlemen's Beef Association, National Cotton Council, Wisconsin Pork Association, CNBC, U.S . House, Financial Services Locations: Washington ,, California

☆ Why the hydrogen tax credit has become a lightning rod for controversy
▼ + stars: | 2023-10-13 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +16 min

The proposed tax credit, 45V, is meant to turbocharge the production of low-emissions hydrogen. "The IRA's section 45V production tax credit is the most generous clean hydrogen subsidy in the world," Jesse Jenkins, professor of macro-scale energy systems at Princeton University, told CNBC. John Macdougall | Afp | Getty ImagesThe adjudication of the hydrogen tax credit has become about more than just the hydrogen tax credit, too. The amount of the hydrogen tax credit, which is available for 10 years, depends on the emissions generated in making hydrogen. If hydrogen is produced without releasing any carbon emissions, the tax credit is maxed out at $3 per kilogram of hydrogen.

Persons: that's, It's, Jesse Jenkins, John Macdougall, Wilson Ricks, Jenkins, Ricks, Rachel Fakhry, electrolyzers, Andriy Onufriyenko, Eric Guter, Josef Kallo, H2FLY, Guter, Phil Musser, Shannon Angielski, Angielski, Shi, Fakhry Organizations: Istock, Treasury, Princeton University, CNBC, Daimler Truck Holding, Afp, Getty, Energy, Research, Princeton, Natural Resources Defense Council, Power, Singularity, Air Products, Bloomberg, Air, Products, Hydrogen Company, European, EU, NextEra Energy, Hydrogen Future Coalition, BP, Duke Energy, Exxon Mobile, General Electric, Siemens Energy, American, Shell, Hydrogen, Coalition Locations: Biden's, United States, U.S, Berlin, additionality, Maribor, Slovenia, Oxagon, Saudi Arabia, Wilbarger County , Texas

☆ These seven U.S. regions will receive $7 billion in federal funding to produce hydrogen
▼ + stars: | 2023-10-13 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +5 min

California Hydrogen Hub: The California Hydrogen Hub spans from Southern California to Northern California and encompasses three ports: Los Angeles, Long Beach and Oakland. Gulf State Hydrogen Hub: The Gulf State Hydrogen Hub will be centered in Houston, Texas, and will cover most of the Gulf Coast and southeast Texas. Mid-Atlantic Hydrogen Hub: The Mid-Atlantic Hydrogen Hub spans parts of Pennsylvania, Delaware and New Jersey and will take advantage of repurposed infrastructure along the Delaware River. Midwest Hydrogen Hub: The Midwest Hydrogen Hub is in Illinois, northwestern Indiana and southwestern Michigan and will produce hydrogen from, among other sources, nuclear power. Pacific Northwest Hydrogen Hub: The Pacific Northwest Hydrogen Hub encompasses eastern Washington, northeastern Oregon and some parts of Montana and will produce hydrogen for making fertilizer.

Persons: Joe Biden, U.S . Department of Energy Jennifer Granholm, Biden, It's Organizations: U.S . Department of Energy, White, Infrastructure Law, Hydrogen Locations: United States, West Virginia, Southeast Ohio, Pennsylvania, It's, California, Southern California, Northern California, Los Angeles, Long Beach, Oakland, Ports, Houston , Texas, Gulf, Texas . Texas, Minnesota, North Dakota, South Dakota, Delaware, New Jersey, Illinois, Indiana, Michigan, Pacific, Washington, Oregon, Montana

☆ How Apple made its first 'carbon neutral' product
▼ + stars: | 2023-10-06 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +4 min

In September, Apple announced its next-generation smartwatch models would all have a "carbon neutral" option, at the same price as the non-carbon neutral options, starting at $249. For Apple, making a product "carbon neutral" means that it changed its operations — including manufacturing, packaging and shipping — to reduce the greenhouse gas emissions associated with making and selling its watches. Depending on who you talk to, dubbing a product "carbon neutral" when the accounting requires buying carbon credits is either Apple acting responsibly and doing the best it can to contribute to climate mitigation strategies that are available right now, or an irresponsible misrepresentation of what "carbon neutral" should mean. The relative effectiveness of nature-based carbon credits is contentious because some forestry carbon credits have been shown to be nullified when, for example, the forests set aside for carbon credits burn in wildfire season. Even if the carbon credits Apple buys are of the highest quality, carbon credits are, by their very nature, an accounting strategy.

Persons: It's, Apple, Elizabeth Sturcken, Barbara Haya, Haya Organizations: Apple, United, Environmental Defense Fund, CNBC, Berkeley, Trading, Goldman School of Public, University of California, Apple Watch Locations: United Nations, Berkeley

☆ Veterans from Tesla, Northvolt hatch plan to mass-produce huge batteries to store solar and wind energy
▼ + stars: | 2023-10-04 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +11 min

The mountains of Colorado in the background inspired the name of the company, Peak Energy. We're completely the opposite," Cameron Dales, president and chief commercial officer of Peak Energy, told CNBC in a video interview Friday. 1 issue we face as it relates to expanding renewable energy sources is storage," Reichow told CNBC. "We're running a playbook which I and the rest of the executive team initially demonstrated and deployed at Northvolt," Mossburg told CNBC. "Landon and I worked together at Tesla and I know what he's capable of delivering," Reichow told CNBC.

Persons: Cameron Dales, Landon Mossburg, We're, Greg Reichow, Reichow, Ryan Gibson, Aidan Madigan, Curtis, Cameron, Mossburg, Northvolt, Peter Carlsson, Rho Kana, Enovix, Anil Achyuta, Landon, Tesla, Cam, It's, Alun Thomas, Dales Organizations: Peak Energy, Energy Battery, Energy, CNBC, Eclipse, Tesla, TDK Ventures, United States Energy Information Administration, Eclipse Venture, Cameron Dales, US, Dales, Symyx Technologies, Northvolt, Ford, Manufacturing Engineering, Panasonic Locations: Colorado, Silicon, Tokyo, San Francisco, Northvolt, Sweden, Cameron Dales, Fremont , Calif, Fremont , California, Penang, Malaysia, China, United States, U.S, Nevada, Enovix

☆ Bill Ackman reportedly said he would 'absolutely' do a deal with X with his new SPARC funding vehicle
▼ + stars: | 2023-10-01 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

Billionaire investor Bill Ackman would "absolutely" do a deal with X, the social platform previously known as Twitter, with his newly approved investment vehicle, Ackman told The Wall Street Journal in a story published on Sunday. On Friday, Ackman announced that the Securities and Exchange Commission approved his new financing vehicle, which he is calling a SPARC — a special purpose acquisition rights company. Ackman told the Journal that he would "absolutely" consider using his newly formed SPARC to invest in X, the social media platform previously known as Twitter. Investors interested in the SPARC were directed to follow Bill Ackman's account on X for more information, according to the press release announcing the regulatory approval of the investment vehicle. "Taking X public would expose X to financial and governance regulatory transparency and accountability; which is why I'm skeptical it'll happen," Jagolinzer said in a post on X.

Persons: Bill Ackman, Ackman, Bill Ackman's, Vivek Ramaswamy, Robert Francis Kennedy Jr, Elon Musk, Alan D, Jagolinzer Organizations: Wall Street, Securities and Exchange Commission, SPARC, Pershing, Twitter, Pershing Square Capital Management, CNBC, U.S, University of Cambridge Judge Business School

☆ Microsoft is hiring a nuclear energy expert to help power its AI and cloud data centers
▼ + stars: | 2023-09-25 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +3 min

Artificial intelligence takes a lot of compute power, and Microsoft is putting together a road map for powering that computation with small nuclear reactors. However, Microsoft has publicly committed to pursuing nuclear energy from an innovator in the fusion space. In May, Microsoft announced it signed a power purchase agreement with Helion, a nuclear fusion startup, to buy electricity from it in 2028. Interest in nuclear energy has increased alongside concerns about climate change in recent years, as nuclear reactors generate electricity without releasing virtually any carbon dioxide emissions. Nuclear energy also makes up 47% of America's carbon-free electricity in 2022, according to the U.S. Department of Energy.

Persons: Satya Nadella, ChatGPT, Bill Gates, Microsoft's, Sam Altman, they're Organizations: Microsoft, Modular Reactor, CNBC, Helion, U.S . Energy Information Administration, U.S . Department of Energy Locations: Redmond , Washington, OpenAI, Helion, U.S

☆ Bill Gates: 'Republicans for climate change action are gold'
▼ + stars: | 2023-09-22 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +5 min

"Republicans for climate change action are gold," said Bill Gates, the billionaire climate philanthropist and investor, on Thursday at the Climate Forward event in New York City. The number of Republicans convinced that responding to climate change is a priority has "got to be a number that we manage to increase over time," Gates said. That's because climate change mitigation and adaptation will require sustained investment and support from the public and private sector, Gates said. Almost eight in ten Democrats, 78%, consider climate change a major threat, up from 58% ten years ago. Only 23% of Republicans consider climate change a major threat, almost equivalent to the 22% of Republicans who considered climate change a major threat a decade ago.

Persons: Bill Gates, Melinda Gates, Gates, It's, António Guterres Organizations: Breakthrough Energy, Melinda Gates Foundation, The New York, Climate, The Times Center, Pew Research, Washington, Washington D.C, United, United Nations Locations: New York City, United States, Gates, Paris

☆ States announce major push to get to 20 million installed heat pumps, a cleaner alternative to gas furnaces that also provide AC
▼ + stars: | 2023-09-21 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +5 min

A coalition of 25 state governors announced a major push to reach 20 million deployed heat pumps by 2030, they said in New York City on Thursday. Heat pumps are energy efficient replacements for fossil fuel powered furnaces and air conditioners. Heat pumps can also save consumers money -- around $300 a year in the United States, according to the IEA. In places like Europe, where gas prices are higher, having a heat pump can save customers around $900 a year, the IEA says. Maine, for example, has been remarkably successful in installing heat pumps with its own legislative action.

Persons: Matt Johnson, Jay Inslee, Inslee, Kathy Hochul, Ali Zaidi, Zaidi Organizations: Energy, RMI, International Energy Agency, IEA, U.S . Climate Alliance, Washington, Washington State Department of Health, Brookings Institution, New, Infrastructure Investment, Jobs Locations: New England, Windham , Maine, New York City, United States, Europe, U.S, Washington , New York, California, Seattle , Washington, Seattle, Georgia, it's Maine, Maine

☆ U.N. chief calls for an end to $7 trillion in fossil fuel subsidies
▼ + stars: | 2023-09-20 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

Secretary-General António Guterres remarks on Russian termination of the Black Sea Initiative to deliver grain and fertilizers to the world market during a Security Council stakeout at the United Nations Headquarters. So said António Guterres, the secretary-general of the United Nations, in his opening remarks to the Climate Ambition Summit at the United Nations Headquarters in New York on Wednesday. Burning fossil fuels release greenhouse gasses into the atmosphere, which is a key driver in climate change. "We must make up time lost to foot-dragging, arm-twisting and the naked greed of entrenched interests raking in billions from fossil fuels," Guterres said. We can still build a world of clear air, green jobs and affordable clean power for all."

Persons: António Guterres, Guterres Organizations: Black Sea Initiative, United Nations Headquarters, United Nations, Climate Ambition, International Monetary Fund Locations: New York

☆ California Governor Newsom says he'll sign bill requiring large companies to report emissions
▼ + stars: | 2023-09-18 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

California Governor Gavin Newsom says he will sign a bill that will require large businesses to account for their carbon emissions, including their scope 3 or supply chain emissions. It will require businesses in California that earn over a billion dollars a year in revenue to publicly declare their greenhouse gas emissions. (Scope 1 emissions come directly from a company's operations and scope 2 measures emissions from purchased electricity, heat, and other sources of energy.) Newsom said he would sign SB253 and touted the state's leadership in climate issues at a Climate Week event in New York City on Sunday. Newsom thanked large businesses in the state, like Apple and Salesforce , which voiced their support for the climate disclosure regulations.

Persons: Gavin Newsom, Newsom, it's Organizations: California ., Securities and Exchange Commission, SEC, Apple Locations: Pajaro, Monterey County , California, United States, California, California . California, U.S, New York City

☆ Last month was the hottest August ever recorded, as year of climate extremes continues
▼ + stars: | 2023-09-14 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +1 min

Palestinian Mustafa Abdo, 75-years old, repairs a fan at his shop amid a heat wave at Shati refugee camp. Multiple heat records have been shattered this summer. Last month was the hottest August ever recorded, according to National Oceanic and Atmospheric Administration records stretching back 174 years. Global sea surface temperatures were the highest for any August on record, and it was the fifth month in a row where global ocean sea surface temperatures set new highs for each respective month. The sea surface temperature anomaly, or measurement of the departure from a long-term average, for August 2023 was also the largest anomaly on record.

Persons: Mustafa Abdo, Abdo Organizations: National Oceanic, Atmospheric Administration, NOAA, Southern Hemisphere

☆ California lawmakers send bill to governor that requires big businesses to provide a detailed account of their carbon emissions
▼ + stars: | 2023-09-13 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +6 min

California lawmakers have sent a bill to Governor Newsom's desk that would require all large businesses in the state to provide a detailed accounting of their carbon emissions, including their Scope 3, or supply chain emissions. The bill, if adopted, would be the first of its kind in the nation to require carbon emissions reporting. Apple and Google , massive technology companies headquartered in California, support the move to require carbon accounting. Meanwhile, the California Chamber of Commerce opposes the bill, saying requiring emissions accounting will increase business operation costs for businesses and consumers. Also, Dickinson said that carbon accounting can be a helpful process for companies.

Persons: Newsom's, Bill, Gavin Newsom, SEC hasn't, Newsom, Al Gore, Gore, Google, Mike Foulkes, Scott Wiener, Apple, Foulkes, Paul Dickinson, Dickinson Organizations: California Senate, U.S . Securities, Exchange Commission, SEC, CNBC, Apple, Google, California Chamber, Commerce, of Commerce, Bloomberg Locations: California

☆ Demand for oil, gas and coal will peak by 2030, but that's not fast enough to keep global warming within 1.5 degrees, says IEA chief
▼ + stars: | 2023-09-12 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

Demand for fossil fuels like oil, gas and coal will hit an all-time high before 2030, according to Fatih Birol, executive director of the International Energy Agency. "Despite recurring talk of peak oil and peak coal over the years, both fuels are hitting all-time highs, making it easier to push back against any assertions that they could soon be on the wane. The IEA is a global intergovernmental energy agency founded in 1974 after the oil crisis in 1973, and which now includes in its energy charter clean energy and the global energy transition. Also, China's slowing economy will decrease its use of coal, Birol said. The surge in adoption of electric vehicles, including in China, contributes to the IEA's forecast that oil demand will peak before 2030.

Persons: Fatih Birol, Birol Organizations: International Energy Agency, AFP, Africa Climate, Kenyatta International Convention, Financial Times, IEA, World Energy Locations: Africa, Nairobi, China

☆ Biden says global warming topping 1.5 degrees in the next 10 to 20 years is scarier than nuclear war
▼ + stars: | 2023-09-11 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +3 min

Biden travels to Vietnam to deepen cooperation between the two nations, in the face of China's growing ambitions in the region. The global temperature rising more than 1.5 degrees Celsius in the next two decades is scarier than a nuclear war, said President Joe Biden on Sunday in Vietnam. "The only existential threat humanity faces even more frightening than a nuclear war is global warming going above 1.5 degrees in the next 20 — 10 years," Biden said at a press conference at the JW Marriott Hotel Hanoi on Sunday. There's no way back from that," Biden said, according to a White House transcript of the press conference. Did you ever think you'd be sitting at a G20 conference where everyone was preoccupied with the notion of global warming?"

Persons: Joe Biden, Biden, António Guterres, Guterres Organizations: JW, Change Service, United Nation's Locations: Hanoi, Vietnam, India, Angola

☆ Apple voices support for California climate bill proposing strict emissions reporting
▼ + stars: | 2023-09-08 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +4 min

Apple "strongly believes" that companies' corporate climate emissions disclosures should include the emissions that come from their supply chain, or what's called Scope 3 emissions. "To ensure accuracy and transparency, we strongly believe that companies' carbon emissions disclosures should include their Scope 3 emissions," Foulkes wrote. In the letter, Apple acknowledges some amount of uncertainty in reporting Scope 3 emissions due to available data at this time. In the letter, Apple also backed third party oversight of the emissions reporting. Apple's support of Scope 3 emissions in California, where the company is headquartered, comes at a time when federal regulators are considering requiring some level of corporate climate disclosures.

Persons: Mike Foulkes, Scott Wiener, Bill, Foulkes, Apple, Wiener, SEC hasn't Organizations: Apple, Twitter, U.S . Securities, Exchange Commission, SEC Locations: California

☆ Stripe, Shopify, H&M spend $7 million on carbon removal from a dozen new companies
▼ + stars: | 2023-09-07 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +6 min

Stripe, Shopify and H&M Group announced Thursday they are spending $7 million on carbon removal from a dozen carbon removal startups. Stripe, Shopify and H&M are three of the member companies of Frontier, and together, they spent $7 million on carbon removal purchases from 12 companies: Airhive, Alkali Earth, Banyu Carbon, Carbon Atlantis, CarbonBlue, CarbonRun, EDAC Labs, Holocene, Mati, Planetary Technologies, Spiritus Technologies and Vaulted Deep. Frontier facilitates carbon removal purchases for its member companies via multiple pathways, including pre-purchase agreements and offtake agreements. Zoom In Icon Arrows pointing outwards Mati is one of the dozen companies Frontier has facilitated carbon removal purchases from on behalf of Stripe, Shopify and H&M. Zoom In Icon Arrows pointing outwards CarbonBlue is one of the dozen companies Frontier has facilitated carbon removal purchases from on behalf of Stripe, Shopify and H&M.

Persons: Mati, Charm, stover, Joanna Klitzke, Klitzke, that's Organizations: M, Frontier, EDAC Labs, Planetary Technologies, Spiritus Technologies, Autodesk, JPMorgan Chase, McKinsey, Meta, CNBC, United Nations, & $ Locations: Mati, India, Gulf of Mexico

☆ Khosla Ventures backs effort to make orchards of lung-like material to absorb CO2 from air
▼ + stars: | 2023-09-06 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +7 min

Spiritus has built a novel approach to direct air carbon capture that relies on a material that absorbs carbon dioxide passively. When the lung-like "fruit" have been collected from the carbon "orchard," they will be put in a container, where low heat will be applied to remove the carbon dioxide. That's important because while carbon dioxide levels in the atmosphere are at record high levels, carbon dioxide is still diluted and makes up a relatively small percentage of the air. That third component — economical — is critical in the direct air carbon capture field, and is part of what drew Khosla Ventures to make its first direct air capture investment in Spiritus. "We're able to remove about 1,000 times more carbon dioxide than a forest can.

Persons: Charles Cadieu, Matt Lee, Spiritus, Lee, Lee hadn't, Cadieu, Melinda Gates, she's, Leonardo da Vinci, We've, Rajesh Swaminathan, Swaminathan, what's Organizations: Silicon, Khosla Ventures, Page One Ventures, CNBC, Los Alamos National Lab, Lawrence Livermore National Laboratory, Melinda Gates Foundation, GE Healthcare, Yahoo, Ventures, U.S . Department of Energy Locations: Western U.S, Spiritus

☆ How China became the king of new nuclear power, and how the U.S. is trying to stage a comeback
▼ + stars: | 2023-08-30 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +11 min

That is two and a half times more nuclear reactors under construction than any other country. China was just getting started as the United States nuclear industry began to take a back seat. Power follows demand, so the new nuclear reactors tend to be built where fast-developing economies need power to fuel their growth. For the United States to win the export business, it must prove it can put steel in the ground in the United States. "We and our close nuclear energy allies are at what I think is just the start of a fierce competition for supremacy in global nuclear energy export markets," Kotek said.

Persons: Jacopo Buongiorno, Kenneth Luongo, Luongo, John F, Kotek, they've, Buongiorno, Westinghouse, Trump, Biden Organizations: Plant, China National Nuclear Corporation, China Huaneng, Changjiang, China News Service, Getty, International Atomic Energy Agency, United, Massachusetts Institute of Technology, CNBC, Partnership for Global Security, World Nuclear Association, Chicago Tribune, Tribune, Service, IAEA, Organization for Economic Cooperation, Development, OECD, U.S . Energy Information Administration, Nuclear Energy Institute, International Energy Agency, France, Visual China, Georgia Power, Westinghouse Locations: China, Changjiang Li Autonomous County, Hainan Province, India, Turkey, United States, Georgia, Byron , Illinois, France, Russia, HUIZHOU, CHINA, Huizhou, Guangdong Province of China, Europe, Eastern Europe, U.S

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